What Can Wall Street and Silicon Valley Learn From Each Other?
Technology is changing the structure of the financial industry, says Marty Chavez, global co-head of the Goldman Sachs Securities Division. In this episode, he discusses how the industry is reshaping. \u201cIf you look inside a financial services firm, you\u2019ll find there has traditionally been a relatively small number of roles that we talk about\u2014so there\u2019d be bankers, salespeople and traders,\u201d Chavez says. \u201cNow, all of those simple, easy categories are going away and they\u2019re going away fast, and it\u2019s becoming much more complicated and much more multidimensional.\u201d This breaking down of clear categories also changes how financial firms compete with each other. \u201cThe traditional notions of \u2018You\u2019re my competitor\u2019 are giving away to something that looks much more like coopetition\u2014maybe not my favorite word, but you compete in some areas and you cooperate in some other areas; and some other areas you might be a client, or they might be a client,\u201d Chavez says.